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Sharm Dreams swings to loss in Q2

Sharm Dreams Co. for Touristic Investment SAE said its second-quarter normalized net income came to a loss of 7 Egyptian piastres per share, compared with 5 piastres per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 3.5 million pounds, compared with income of 2.3 million pounds in the year-earlier period.

Total revenue decreased 99.5% on an annual basis to 38,000 pounds from 7.1 million pounds, and total operating expenses climbed from the prior-year period to 6.9 million pounds from 6.6 million pounds.

Reported net income came to a loss of 7.8 million pounds, or a loss of 15 piastres per share, compared to income of 3.5 million pounds, or 8 piastres per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to 8.88 Egyptian pounds.